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BP PLC (BP.LN), Royal Dutch Shell PLC (RDSA.LN) and Statoil ASA (STL.OS) have been named in the first lawsuit to be filed following a European Commission antitrust investigation into alleged manipulation of oil prices and benchmarks, the Financial Times in London reported Saturday, citing legal documents.The oil majors were named as defendants in a class action filed in New York by Prime International Trading, a Chicago-based commodity trading house, which is also claiming damages against unknown defendants, the newspaper said.Prime International alleges that the defendants intentionally manipulated and conspired to fix the price of Brent Crude oil, the global benchmark, and the price of future contracts, the FT said."As major producers and market participants in the Brent Crude oil market, including contributors of Brent Crude oil prices to Platts, defendants had and continue to have market power and the ability to influence prices in the Brent Crude oil market," the claimant alleges ...
In Congressional testimony on Wednesday, Federal Reserve Chairman Ben Bernanke said that the central bank could begin winding down its $85 billion-per-month bond-buy...
U.S. stocks staged a modest rally on Tuesday ahead of Congressional testimony from Federal Reserve Chairman Ben Bernanke on Wednesday.The expectation that the centra...
Crude oil futures were steady in Asia on Tuesday in sluggish trade, as market participants remained on the sidelines ahead of Federal Reserve Chairman Ben Bernanke's...
The U.S. stock market fell on Monday in a quiet trading session. The losses, however, were very minor and the sharp uptrend in equities continues to look intact.Neve...
Hong Kong stocks powered higher early Monday, with coal miners and oil producers leading the rally as the market reopened after Friday's holiday, while a further imp...
OAO Gazprom Neft (SIBN.RS), the oil unit of state gas giant OAO Gazprom (GAZP.RS), said Thursday its net profit for the first quarter fell 18% on the year to 39.6 bi...
A late day push helped the U.S. stock market to another strong close on Wednesday. The Dow and S&P 500 finished the session at new all-time highs and all of the majo...
The average cost to fill up a tank of gas is climbing higher this month, according to AAA's Daily Fuel Gauge.A gallon of regular gas costs roughly $3.58 as of Wednes...
Crude-oil futures retreated Wednesday, weighed by the sluggish economy in Europe and record crude inventories in the U.S.Traders will be eyeing a weekly report by th...
Oil slipped towards $102 a barrel on Wednesday after data showed the euro zone's recession extended to the longest on record, while a stronger U.S. dollar and ample ...
German utility RWE AG (RWE.XE) Wednesday lowered its earnings outlook for its renewable energies business and its oil and gas production unit, citing lower oil price...
The oil market is undergoing a positive "supply shock" as production in North America continues to grow at a record pace and refining capacity is expected to outpace...
FOX Business: Capitalism Lives HereThe S&P 500 slid more than 1% this week in its first weekly loss in five amid worries about when the Fed will begin tapering its v...
API CEO Jack Gerard weighs in on gas prices and oil production.
FOX Business: Capitalism Lives HereU.S. stock-index futures trimmed losses Friday on a much stronger-than-expected report on durable goods orders, however, worries r...
FOX Business: Capitalism Lives HereThe markets fell on Friday despite stronger-than-expected data from the U.S. and Germany, leaving Wall Street at risk of snapping ...
The rapid increase in U.S. shale oil production, which is expected to give the nation energy self-sufficiency by the end of this decade, is having a far-ranging impa...
Petroleo Brasileiro (PBR, PETR4.BR) could sell a euro-denominated bond in 2013 as part of efforts to raise an additional $2 billion from capital markets this year, C...
Petroleo Brasileiro (PBR, PETR4.BR) could sell a euro-denominated bond in 2013 as part of efforts to raise an additional $9 billion from capital markets this year, C...
